(MENAFN- Qatar News Agency) South Korea will offer on-spot tax refunds to foreign tourists who buy products at local duty-free shops starting January 1, the government said Sunday.
The Finance Ministry said it is moving to revise existing exemption guidelines governing foreign tourists so they need not pay value-added and excise taxes when they shop in the country, according to (Yonhap) news agency.
Under the proposed changes, an item costing less than 200,000 won (US$173) will be eligible for immediate tax refunds at duty-free stores across the country. This means a person can buy a product more cheaply and need not worry about holding onto receipts and showing the purchased products to customs officials when they leave the country to get a refund.
The ministry said each foreign national can buy upwards of 1 million won worth of products under this immediate special arrangement.
The move is expected to enhance the shopping convenience of tourists and generate earnings for local stores.
"Purchase data in the first half showed that 79% of all tax refunds were for products costing less than 200,000 won," the ministry said.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.